LendUp, a socially responsible online lender on a mission to redefine financial services for the emerging middle class, announced on Tuesday it has appointed former Vice President of Global Financial Services for Tesla, Bill Donnelly, as its new (and first) Chief Financial Officer.
According to LendUp, Donnelly has 30 years of experience in consumer credit with extensive experience in credit cards and loans products. He spent the past four years with Tesla as Vice President of Global Financial Services and was responsible for providing financing solutions for Tesla’s customers across 29 countries. Donnelly also served as President of Tesla’s captive finance company, Tesla Finance LLC. Speaking of Donnelly’s appointment, Sasha Orloff, Co-Founder and CEO of LendUp, stated:
“Our strengthened leadership team, from some of the world’s fastest-growing and most impactful companies, will help LendUp accelerate our efforts to build a lasting, iconic company that will be a category leader for years to come. We couldn’t be more excited to have an executive of Bill’s caliber join our quickly expanding team. Tesla is one of the most innovative companies in the world, and completely disrupted the sleepy auto industry. Bill’s experience leading complex global financing programs, and building first-of-their-kind, mobile-first platforms, will be invaluable to us as we continue to build out our product ecosystem and be on the forefront of serving more Americans in need of better financial services options.”
Donnelly went on to comment:
“I have long admired LendUp for the important work the company is doing to expand credit access and help people improve their financial health. At Tesla I witnessed how a strong sense of mission combined with a talented, passionate team can lead to incredible success and to overcoming seemingly insurmountable challenges. I have found that same sense of mission among LendUp’s amazingly talented and passionate team. I look forward to leading our finance organization and serving as a strategic partner to the entire team as we continue building innovative and mobile-first financial services products. Together, I can’t wait to achieve extraordinary success—for our customers and for our investors.”
In addition to Donnelly, Anu Shultes has joined as General Manager of LendUp’s loans business and Dr. Leonard Roseman has joined LendUp as Chief Data Scientist. LendUp recently surpassed $1.25 billion in originations and claims it has saved its borrowers $150 million in fees and interest through the use of its credit card and loan products.